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Valuation is the measurement of value on which any tax has to be paid. The typical construction contract is the composition of three components namely

• Land or an undivided portion of land in case of apartments
• Materials/goods like cement, steel etc.,
• Services like labour in construction, designing etc. 

Before GST was introduced, different indirect taxes were levied on the above mentioned three components. State government levied Stamp Duty on transfer of immovable...

The Constitutional (101) amendment Act 2016 clearly states in the Statement of Objectives for ushering in GST that it is to remove the cascading effect of taxes and allow the seamless flow of the tax credit across the supply chain. It means that it should avaoid tax on tax.

Conceptually, GST is levied on ONLY value addition at each stage of supply chain starting from manufacture or import and till the last retail level. This is with a facility of the Input credit (‘ITC’ for short) of...

PREFACE 

The transactions in the real estate sector have their own peculiarities and thereby one has always felt the need for having a separate set of provisions that would be more specific to this sector rather than the general provisions that would be applicable to any other sector. This need was felt right from the sales tax ( later VAT) as well as in service tax regime.  
However, with the series of changes that have been made effective from 1st April, 2019 it can be seen that the...

Introduction: To ease out the GST compliances for the MSME sector, the Government has introduced a new scheme of tax for the suppliers of goods or services who are not covered under the existing composition scheme u/s 10 of the CGST Act, wherein the GST shall be discharged at a flat rate of 6% and annual returns need to be filed with monthly payment of taxes. This scheme could be recommended to the vendors of registered persons who are not in a position to avail ITC for various reasons,...